India Development Debate: Big GST relief for small traders

The politics behind the big tweaks on the GST structure and their impact on small traders, that's what Supriya Shrinate is discussing on this India Development Debate.

India Development Debate&nbsp

New Delhi: Big sops for small traders ahead of the general elections. After a crucial meeting of the GST Council on January 10, Finance Minister Arun Jaitley said the turnover threshold for filing GST returns has now been doubled to Rs 40 lakh. Not just that: the benefit of the compounding scheme will now be available to MSMEs with a turnover of up to Rs 1.5 crore from Rs 1 crore earlier.

Under the compounding scheme, smaller firms can file GST returns once a year as compared to the quarterly requirement for big companies. The turnover limit for the composition benefits for the services sector will now be Rs 50 lakh. Jaitley said the revenue shortfall due to this decision will be negligible, although the twin moves will considerably ease the tax and compliance burden on SMEs and MSMs.

The politics behind the big tweaks on the GST structure and their impact on small traders, that's what Supriya Shrinate is discussing on this India Development Debate.

India Development Debate: Big GST relief for small tradersDescription:The politics behind the big tweaks on the GST structure and their impact on small traders, that's what Supriya Shrinate is discussing on this India Development Debate.Times Now